Wealth is in our ideas

Whenever an MDRT member or MDRT meeting speaker offers ideas for others to use to make their lives and their businesses even a little better, they become part of the building blocks of a thriving MDRT.

Below is a small sample of some of those ideas that appeared in Round the Table magazine in 2023, and for a limited time, we’re offering all the 2023 ideas in a special edition PDF to current MDRT Blog subscribers as well as those members who subscribe to the blog between now and the end of July.

We appreciate all of our readers and subscribers to the MDRT Blog. With new blog posts being added two to three times per week, we hope you find valuable ideas to help elevate your career as a financial advisor or insurance agent.

“All riches have their origin in mind. Wealth is in ideas — not money.”

—Robert Collier, a U.S. self-help and New Thought writer who lived and wrote during the first half of the 20th century

Scheduling energy

I think you can’t manage time, but you can manage energy, so I tend to be more selective of what I do during different hours. If I’m doing anything that is purely administrative, I do that first thing in the morning. I get up at 5 a.m. and start working at 6 a.m. From then to 8 a.m. is really when the administrative and strategic time is, because by the time I get into office, there are a lot of conversations, discussions and meetings, and very little time for thinking or planning.

—Chee Hong Gan, ChFC, CLU, Singapore, 15-year MDRT member

Behave your practice

Top advisors who integrate behavioral finance into their practice report increased production and revenue and acquired more new clients. There are five steps to introducing behavioral advice to clients:

• Build rapport. Rapport is defined as a relationship of mutual trust or emotional affinity that is necessary when discussing one’s behaviors.
• Set the stage. Conversation with clients about behavioral finance.
• Assess financial beliefs and behaviors. Explore underlying assumptions or beliefs about money.
• Values exercise. Discuss what their values are and what is important to them.
• Put it in writing. Keep a list of their values in the client’s file and what the plan will be in anticipation of future situations. Outline the behaviors that the client is likely to experience in writing.

—Pamela J. Sams, CRPC, Ashburn, Virginia, USA, five-year MDRT member

Daily win

Make an appointment with yourself to be face to face with a prospect at the same time every day. When that time comes, head without fail for the meeting with the prospect. After that meeting, reward yourself with a small token like a cup of coffee, a drink or a break. Repeat this activity and make it a habit. By continuing this process every day and making it your daily win, you will be able to defeat procrastination and call reluctance and consistently increase your productivity.

—Cherian Panavila John, MBA, FAIQ (CII), Auckland, New Zealand, 15-year MDRT member

Blind spot

We are all familiar with the concept of a blind spot, especially when we are driving. There are areas next to our vehicle that seem “invisible” from our side mirrors, but that doesn’t mean they are not there. The same concept applies to financial risks and the concerns of our clients. We often help our clients visualize what might happen unless proper financial planning is in force, yet many times they are unable to see it.

I ask a few open questions like, “Are you aware that you are one critical illness away from bankruptcy?” or “Should this/that happen, what would you like me to convey to your family/beneficiary about your asset distribution plan?” I follow up with “Mr./Mrs. Client, I think we agree that no one is perfect. If we missed seeing one potential financial risk, think about how many more financial scenarios that we missed and need to discuss.”

—Johan Fanggara, CFP, North Jakarta, Indonesia, eight-year MDRT member

Authentic social media

Relevance is key when it comes to social media. First, decide what your target audience looks like, then dive deeper to think of what they would want to see or read. Think about your own stories and how you can make these experiences relevant for them. Rather than finding a magical formula from someone else, social media is something you must experiment with to find your voice over time. Your unique and authentic voice is what they want. You cannot engineer that.

—Candice Ong, Singapore, six-year MDRT member

Thank you for your interest in the MDRT Blog. If you’re not a subscriber, be sure to subscribe between now and the end of July to get more than 60 MDRT ideas sent to you as a link for a special edition PDF. Current subscribers, check your email for your link to your PDF of MDRT ideas.